Cadeler said that it had completed a private placement worth about EUR 175 million. The company said the shares were placed at a price above its five-day VWAP, and the proceeds will be used for early capital commitments tied to two proposed T-class Wind Foundation Installation Vessel newbuilds and a possible scour protection vessel acquisition and conversion.
The company said the expansion plan was designed to keep a clear route open for shareholder distributions. Cadeler added that strong operating cash flow, a solid balance sheet and limited short-term capital needs continued to support its ability to allocate capital to shareholders.
In 2025, Cadeler doubled the number of vessels in operation, increasing its capacity to generate cash from the fleet. At the same time, the market has remained disciplined on new orders. The company said no wind foundation installation vessels had been ordered globally since its own last order in Q2 2024. Cadeler also pointed to a projected vessel undersupply from 2029 onward as support for long-term utilization and pricing.
The company said it was in advanced discussions over two competitively priced T-class newbuilds for delivery in 2030 and 2031. Most payments are expected to fall after 2029, while total capex is expected to be 65% debt financed. Based on that structure, Cadeler said the plan should not affect near-term dividend capacity or its capital return ambitions.
Alongside the newbuild discussions, Cadeler is reviewing the possible purchase and conversion of a scour protection vessel. The company said this could strengthen its foundation transportation and installation business, cut reliance on subcontractors, improve pricing competitiveness and retain more profit, while offering a capital-efficient and faster route to market. It added that the financing options under review support a disciplined capital structure.
Cadeler said global offshore wind demand remains strong and industry momentum has improved, supporting employment prospects across the expanded fleet. The company also said no additional equity is expected to be needed for its current plans. No final investment decisions have been made, and all terms remain indicative.
